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Williams F1 team steps away from rebel race series

The Williams team on Wednesday signed an agreement extending Formula One's commercial deal through 2012 in a move to protect the sport from a "divisive split."

Williams is the fourth team -- after Midland F1, Red Bull Racing and Ferrari -- to sign the Concorde Agreement. The accord sets out how revenues are divided among the teams, commercial chief Bernie Ecclestone and governing body FIA from 2008 until 2012.

The current agreement ends after the 2007 season.

Williams said it signed the new deal after confirming that F1's commercial rights holder, FOM, had agreed to an improved distribution of revenues among teams.

"The agreement commits one of the most successful names in the sport's history to Formula One after 2008, and is an important step toward protecting against a divisive split that could undermine motor racing's premier series," Williams said in a statement.

Williams' owner Frank Williams said he wanted to end the "damaging uncertainty hanging over our sport."

"I hope our decision will encourage the remainder of the Formula One community to join us and resolve any final details by working together. We all have a duty to avoid a damaging split in our sport," he said.

Five major manufacturers in F1 -- BMW, DaimlerChrysler, Renault, Toyota and Honda -- have threatened to start a breakaway series beginning in 2008 rather than sign the agreement.

The group, known as the Grand Prix Manufacturers Association, reiterated on Wednesday it would only race in a series meeting the "fundamental principles of a clear and equitable" world championship.

"While the GPMA members and their affiliated teams appreciate that progress has been made in recent negotiations, they remain committed to their objective to further develop the sport for the benefit of all stakeholders and in particular the fans," the GPMA said in a statement.
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